WASHINGTON – Today, President Obama will sign an executive order establishing the bipartisan National Commission on Fiscal Responsibility and Reform and announce that former White House Chief of Staff Erskine Bowles and former Republican Senate Whip Alan Simpson will serve as the Commission’s co-chairs.



President Obama said, “For far too long, Washington has avoided the tough choices necessary to solve our fiscal problems – and they won’t be solved overnight. But under the leadership of Erksine and Alan, I’m confident that the Commission I’m establishing today will build a bipartisan consensus to put America on the path toward fiscal reform and responsibility. I know they’ll take up their work with the sense of integrity and strength of commitment that America’s people deserve and America’s future demands.”



Former White House Chief of Staff Erskine Bowles said, “This is one of the most critically important challenges facing the country today and it has be addressed in a bipartisan manner. This is not a Republican or Democratic problem– this is a challenge for America.”



Former Republican Senate Whip Alan Simpson said, “We find ourselves in a difficult fiscal situation that is unsustainable. Whatever the results of our work, the American people are going to know about a lot more where we are headed with an honest appraisal of our situation and the courage to do something about it. I am pleased to accept this difficult role and eager to work with Erskine and the members of the Commission. ”



The bipartisan National Commission on Fiscal Responsibility and Reform will build bipartisan consensus to put forth solutions to tackle our long-ignored fiscal challenges.

• The Commission will make recommendations that put the budget in primary balance so that we are paying for all operations and programs for the federal government (achieving deficits of about 3 percent of GDP) by 2015 and meaningfully improve the long-term fiscal outlook.

• The Commission will be comprised of 18 total members. 12 members will be appointed by Senate/House leaders (3 each by the Republican and Democratic leaders of both chambers). All must be sitting members of Congress. The additional 6 members will be appointed by the President, with no more than 4 from the same political party.

• Furthermore, 14 out of 18 votes ...